In recent weeks, the Meme coin Pepe (PEPE) has outperformed significant market participants according to one metric. An analysis revealed that its market value surpassed the total value of all top NFT collections.
PEPE Outpaces NFTs
Recent data shows PEPE’s market value exceeded $6.2 billion, making it the third-largest meme coin. Additionally, PEPE’s market cap is 10% higher than the combined market value of the top NFT collections.
This development followed a 24-hour trading volume of $2.47 billion for PEPE, a 216% increase from early May.
Since its market debut in May 2023, PEPE’s performance has been remarkable, with a 25,955% increase. Even in 2024, PEPE saw a 1,042% rise despite market fluctuations.
On May 27, PEPE reached an all-time high of $0.00001718 but has since dropped by 12%. As of today, PEPE trades at $0.00001495.
NFTs and Dominance
PEPE’s dominance is significantly greater than that of the meme coin sector. Compared to the $12.8 million volume of blue-chip NFT projects, PEPE’s 24-hour trading volume reached $1.3 billion.
Data from DragonFly’s Hildobby shows a 85% decrease in NFT traders over the past two years.
Additionally, PEPE’s trading activity contrasts with the declining participation in the NFT market, according to Dune data.
The number of weekly active users on the popular NFT marketplace OpenSea dropped from 187,000 in June 2022 to just under 10,000 today, a decline of over 90%.
PEPE and Market Volatility
Santiment data indicates that cash inflows and outflows for PEPE have decreased over the past three days, suggesting a potential decline.
PEPE’s RSI value dropped from 77 to 67, indicating the end of overbuying. A drop below 50 could lead to a stable price increase. Despite fluctuations, IntotheBlock data shows over 96% of PEPE investors remain profitable.
